Consumer credit outstanding grew $12.40 billion during June
following an $18.30 billion May increase, revised from $18.42 billion. A $15.8
billion June increase had been expected in the Action Economics Forecast Survey.
During the past ten years, there has been a 49% correlation between the y/y
growth in consumer credit and y/y growth in personal consumption expenditures.

These Federal Reserve Board figures are break-adjusted and
calculated by Haver Analytics. There is a break in the credit outstanding data
from November 2010 to December 2010 due to the Fed's benchmarking process.
Benchmark estimates are based on the Census of Finance Companies (CFC) and the
Survey of Finance Companies (SFC) conducted in 2010 and 2011, respectively.

The consumer credit data are available in Haver's USECON
database. The Action Economics figures are contained in the AS1REPNA database.

A Low Inflation Surprise for U.S. Monetary Policy from
James Bullard, President & CEO, Federal Reserve Bank of St. Louis is
available here.